AlSagr Insurance Receives Letter from Insurance Authority Suspending Sale of Compulsory Vehicle Insurance Product

AlSagr Cooperative Insurance Co. announced on Sunday that it received a letter from the Insurance Authority suspending the sale of its compulsory vehicle insurance product, effective from February 19. This suspension is due to violations of supervisory and regulatory instructions and the Board of Directors’ failure to implement effective governance measures.

The Company stated in a statement today on Tadawul that it expects the decision to have a negative impact on its financial results for 2025, and its impact cannot be measured at this time. Any developments in this matter will be announced in due course. The Company is seeking to implement effective and practical corrective measures to comply with regulatory requirements, in coordination with the Insurance Authority.